Nomura Sees Broader Market Hurdles To Delay Crypto Unit’s Profitability Levels – Nomura Holdings (NYSE:NMR)

nomura NMRa Japan-based global financial services group, announced its cryptocurrency unit digital laser It will likely take longer to report profitability levels.

This is due to many factors, such as reduced volumes, reduced activity and the changing needs of regulators in the sector. crypto space.

Laser Digital started in September 2022 and aimed to become profitable by 2024. While the company currently has 70 employees, it plans to expand the team by up to 20 more over a period. It also wants to establish an office in Tokyo with four to six professionals to support its global business activities.

To see what the future holds for Nomura's crypto unit, learn more at Benzinga's Future of Crypto event in New York City on November 14, 2023. Stay up to date on trends like AI, regulations, SEC actions and institutional adoption in the crypto space. Secure early bird discount tickets now!

After the launch of Laser Digital, the cryptocurrency market was hit by the FTX collapse, which caused a major market correction. More than $2 trillion was wiped out of the cryptocurrency market, leading to a major liquidity crisis and regulatory action around the world.

See also: Bitcoin's next big move? 'Mid-cycle pause' signals November 2024 bull run, expert predicts

The CEO analyzes the market sentiment:CEO Jez Mohideen He is also very positive about the interest of large financial companies in the crypto space. And he added: “The arrival of more institutions and institutional projects despite the market turmoil gives me confidence. The future is better, but it may take longer."

He specifically mentioned BlackRock Inc. BLACK filing for a Bitcoin ETF, which clearly helped the asset class go mainstream after the asset manager changed negative to positive opinion on cryptocurrencies. Société Générale SA SCGLY It also received France's first crypto license in July.

Laser Digital has obtained a license to conduct operations in Dubai, which will allow a gradual introduction of its three main business segments: trading, asset management and venture capital in the region. Additionally, Komainu obtained an operating license from the Virtual Asset Regulatory Authority (VARA) in Dubai. Komainu is a cryptocurrency custody joint venture involving Nomura, Ledger, and CoinShares.

Read now: Komainu secures lucrative Dubai license to offer crypto custody services

Photo: Shutterstock

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